1月14日，苏州联讯仪器股份有限公司（简称：联讯仪器）顺利通过上海证券交易所科创板上市委员会 审议，成为2026年科创板首家过会企业，也是今年我国半导体产业链中首家冲刺A股上市的公司。 从产品布局来看，面向高速光模块的测试设备在公司业务版图中占据核心地位。根据招股书及行业数 据，其碳化硅功率器件晶圆级老化系统在2024年中国市场占有率已达43.6%，位居行业第一。同时，公 司已成为全球少数能为1.6T超高速光模块提供全套量产测试设备的厂商之一。 联讯仪器 已在多个细分领域占据领先位置。2024年，公司在中国光通信测试仪器市场份额排名第三，为前五名中 唯一本土企业；在中国光电子器件测试设备市场排名第一；在碳化硅功率器件晶圆级老化系统市场占有 率高达43.6%，居国内第一。客户方面，公司已成功导入 业绩方面， 联讯仪器 近年来实现了跨越式增长。2022年至2024年，公司营业收入从2.14亿元增长至7.89亿元，年复合增长率 超过90%；归母净利润由亏损转为盈利，2024年达到1.40亿元。2025年1–9月延续高增长态势，实现营 业收入8.06亿元，归母净利润9664.30万元。值得关注的是，公司综合毛利率持续 ...

Core Insights - The installation of the world's largest CLM260180 high-pressure roller mill marks a significant milestone for the lithium mining project at the Tongtianmiao section of the Hunan Jijia Mountain mine, with a processing capacity of 20 million tons per year [1][2] - This advanced equipment is expected to enhance operational efficiency and reduce energy consumption by approximately 20% compared to traditional crushing methods, thereby supporting the overall productivity of the lithium extraction process [2][5] Equipment and Technology - The CLM260180 high-pressure roller mill, weighing 950 tons and with a power capacity of 7500 kW, is specifically designed for the unique ore characteristics of the Hunan Jijia Mountain lithium mine [2][4] - The innovative high-pressure material layer crushing technology applies static load pressures of 50-300 MPa, allowing for efficient liberation of lithium mica ore [2] Project Management and Teamwork - The successful installation of the high-pressure roller mill involved overcoming significant logistical challenges, including the safe transport and precise installation of heavy components [4] - A collaborative approach among various departments, including procurement, operations, engineering, and mineral processing, was crucial for the project's success, reflecting the company's commitment to innovation and teamwork [4] Strategic Importance - The Hunan Jijia Mountain lithium mining project is a key component of the company's dual-drive strategy of "iron + lithium," aimed at transforming its business model and enhancing its position in the lithium battery supply chain [5] - Upon full operation, the project is projected to produce 80,000 tons of lithium carbonate annually, significantly boosting the company's market position in the new energy materials sector [5] Sustainable Development - The introduction of world-class, energy-efficient equipment aligns with the company's commitment to "green mining" and sustainable practices, reducing energy consumption and dust emissions compared to traditional methods [6] - The company aims to set a benchmark in modern mining through advanced technology and environmentally friendly operations, contributing to the development of China's new energy industry [6]

Core Insights - Zhang Xiaoqin Co., Ltd. has successfully won a procurement project with China Telecom, securing an order worth over one million [1] - This achievement marks significant progress in the company's new channel expansion, injecting new momentum into business growth [1] Group 1: Product and Market Strategy - The products won in the bid primarily focus on fresh-keeping and storage categories, including multifunctional storage racks, vest-style fresh-keeping bags, and vacuum bags [2] - These products will be available to consumers through the China Telecom "Xinyiyouxuan" platform, where users can redeem them using points [2][3] - The addition of Zhang Xiaoqin products enriches the product matrix of the Xinyiyouxuan platform, which aims to provide quality lifestyle products to telecom users [3] Group 2: Channel Diversification and Industry Trends - The collaboration with China Telecom represents a crucial step in Zhang Xiaoqin's ongoing strategy to diversify its sales channels [4] - The company is transitioning from traditional retail to online and now to telecom operator point redemption platforms, creating a comprehensive sales network [4] - The focus on new kitchen products rather than traditional items like knives and scissors indicates a strategic shift to meet market demand and build a more complete kitchen ecosystem [4] Group 3: Future Outlook - By embracing innovation and exploring new cooperation models, Zhang Xiaoqin is positioned to maintain competitiveness in a changing market environment [4] - Continued investment in innovative channel strategies is expected to lead to more stable growth and enhanced value for consumers and investors alike [4]

Group 1 - The core document outlines a strategic framework for Zhejiang's economic and social development over the next five years, emphasizing modern infrastructure as a key component for building a modern industrial system [1] - The "14th Five-Year Plan" indicates a strong commitment to maintaining high levels of investment in transportation infrastructure, with a projected total investment of 409.3 billion yuan in 2024, representing a year-on-year increase of 9.6% [2] - Zhejiang Jiaokao has reported a significant increase in new orders, totaling 66.569 billion yuan in the first nine months of 2025, which is over 20% higher than the previous year, driven by major transportation projects [2] Group 2 - In response to the opportunities presented by the "14th Five-Year Plan," Zhejiang Jiaokao is proactively adjusting its business structure to align with policy directions, focusing on five key business segments: transportation infrastructure, urban construction, comprehensive maintenance, transportation manufacturing, and related industries [3] - The company has successfully pre-bid for a significant urbanization project, indicating its strategic shift towards urban construction and expanding its market beyond traditional road and bridge projects [3] - The emphasis on "smart and refined management" and "AI+" in the planning aligns with Zhejiang Jiaokao's focus on intelligent upgrades in its maintenance and manufacturing sectors, aiming to enhance long-term core competitiveness [4] Group 3 - The "14th Five-Year Plan" provides a clear and opportunity-rich blueprint for infrastructure development, maintaining high traditional transportation investment while promoting urban renewal and intelligent upgrades [4] - Zhejiang Jiaokao's strategic layout of five business segments, strong order performance, notable breakthroughs in urban business, and robust shareholder resources position the company well to embrace the new era of growth [4] - The dual drivers of policy support and the company's strategic initiatives place Zhejiang Jiaokao on a clear growth trajectory, preparing it for future value creation opportunities [4]

Group 1 - China's submission of over 200,000 satellite frequency resource applications to the ITU by December 2025, with more than 190,000 applications from the newly established Radio Innovation Institute, indicates a strategic national focus on satellite frequency resources and ambition in the commercial space sector [1] - Significant breakthroughs in reusable rocket technology are being achieved, leading to a cost revolution and technological upgrades within the aerospace industry, which will benefit related companies in aerospace manufacturing, new materials, and satellite applications [1] - The market has shown strong confidence in the commercial space sector, as evidenced by the stock performance of Zhongheng Design Group, which has seen three consecutive trading limit increases [1] Group 2 - Zhongheng Design, as Jiangsu Province's largest architectural design group and the first publicly listed architectural design company in China, has established a core competitive advantage in high-end industrial building design and a deep understanding of the aerospace industry [2] - The company invested in the rocket manufacturer Zhihang Technology (Suzhou) Co., Ltd. in 2023, marking a shift from a service provider to an "industry builder" by closely binding with key technology enterprises in the upstream of the industry chain [2] - This strategic binding allows Zhongheng Design to gain deeper insights into rocket manufacturing processes and future base requirements, enhancing its design and research capabilities in the commercial aerospace infrastructure sector [2] Group 3 - In 2025, Zhongheng Design plans to deepen its layout by establishing a Commercial Aerospace Architectural Planning Research Center, focusing on niche market demands and refining production processes [3] - The company aims to develop mature design solutions and benchmark projects in areas such as rocket assembly testing bases and satellite production cleanrooms, gaining trust and collaboration from leading aerospace companies [3] - The establishment of a specialized research center is intended to systematically address the unique challenges of aerospace manufacturing and testing processes, creating a reusable and evolving design knowledge system [3] Group 4 - The national push for commercial space development is expected to lead to explosive growth in the demand for rocket and satellite production, resulting in an increase in infrastructure projects such as manufacturing and testing bases [4] - Zhongheng Design's core design business is poised to benefit directly from this trend, with the potential for market expansion in the commercial aerospace infrastructure sector through industry investments and the establishment of specialized research centers [4]

Core Viewpoint - The recent 2025 Satisfaction China Conference, organized by the China Quality Association, announced the user satisfaction rating results, highlighting the importance of customer satisfaction in product and service delivery [1] Group 1: User Satisfaction Evaluation - The evaluation of user satisfaction levels is based on the "Customer Satisfaction Measurement and Evaluation Standards" (T/CAQ 10306-2022) and assesses customer satisfaction measurement processes, results, and management levels [1] - The evaluation serves as a comprehensive "check-up" of the company's quality management system and provides direction for advancing quality management towards excellence [1] Group 2: Company Recognition - The electric power cables produced by the company received the "Four-Star User Satisfaction Product" rating, reflecting a strong commitment to customer needs throughout the entire process from product design to after-sales service [1] - This recognition is an authoritative endorsement of the company's product quality and demonstrates ongoing user trust in the "Yuan Cheng" brand [1] Group 3: Future Commitment - The company aims to use this honor as motivation to continuously improve product quality and service levels, with a steadfast goal of becoming a benchmark enterprise for user satisfaction [1]

Core Viewpoint - Gaote Electronics, established in 1998, focuses on battery monitoring and management, evolving into a national high-tech enterprise and a "little giant" in specialized fields, aiming to become a leading global supplier of new energy storage system safety and value enhancement solutions [2] Company Overview - Gaote Electronics has developed from monitoring lead-acid batteries to lithium battery management systems, aligning with global battery technology trends and new energy storage industry developments [2] - The company ranks first in the 2023 China New Energy Storage BMS enterprise TOP 10 list according to CESA's 2024 white paper [2] - Key competitors in the BMS market include Gaote Electronics, XieNeng Technology, Haibo Sichuang, BYD, and Sungrow, based on installed capacity statistics [2] Intellectual Property and Standards - The company holds 55 valid domestic invention patents, 9 foreign patents, 48 valid domestic utility model patents, 66 software copyrights, and 1 integrated circuit layout design right [3] - Gaote Electronics has led or participated in the formulation of 31 national/industry/local standards, including 5 national standards and 6 industry standards related to BMS [3] Financial Performance - As of June 2025, total assets are approximately 137.4 billion, with equity attributable to shareholders at about 85.2 billion [4] - The company reported a revenue of approximately 50.7 billion for the first half of 2025, with a net profit of about 5.1 billion [4] - The compound annual growth rate (CAGR) of the main business revenue from 2022 to 2024 is 63.31%, with a year-on-year revenue growth of 48.71% for the first nine months of 2025 [4] IPO and Future Plans - Gaote Electronics plans to raise 850 million for the construction of an intelligent manufacturing center for energy storage battery management systems and to supplement working capital [5] - The company aims to leverage its technological advantages in the BMS field to expand the functionality and promotion of integrated control units and data services, striving to create a second growth curve for performance [5]

Core Insights - The acquisition of liquid cooling company Limin Da by Lingyi Zhi Zao for 875 million yuan is a strategic move to secure scarce resources in the AI computing power sector, which is characterized by high certification barriers and core technology challenges [1][4] - Limin Da has achieved dual certification from NVIDIA and is a core supplier for its GB200/300 series products, which enhances its market recognition and compatibility [2][3] - Lingyi Zhi Zao's business strategy focuses on a synergistic layout of core components and system solutions, integrating liquid cooling and power supply services to meet the increasing demands of AI servers [3][4] Industry Overview - The AI server liquid cooling market is expanding at an annual growth rate exceeding 50%, with Limin Da's products entering mass production, which, combined with Lingyi Zhi Zao's manufacturing capabilities, is expected to lower production costs and enhance profitability [4] - The strategic acquisition is seen as a proactive measure to integrate technology, customers, and production resources, allowing Lingyi Zhi Zao to quickly enter high-growth sectors and leverage its manufacturing advantages [4] - Analysts have raised profit forecasts for Lingyi Zhi Zao, projecting net profits of 2.516 billion yuan, 3.575 billion yuan, and 4.765 billion yuan for the years 2025 to 2027, highlighting the expected synergistic growth from liquid cooling and power supply businesses [3]

Core Viewpoint - The recent authorization of the "optical system, imaging module, and electronic device" patent by OFILM Group's subsidiary represents a significant achievement in the company's technology-driven and innovation-focused development strategy [1][2]. Group 1: Patent Authorization and Technology - The newly authorized patent addresses the challenge of balancing miniaturization and high imaging quality in mobile phone lenses through a six-lens optical system design, making it suitable for smartphones and tablets [2]. - The optical system includes a sequence of lenses with varying focal properties, designed to achieve a balance between a compact size, wide field of view, and high-quality imaging [2]. Group 2: Research and Development Investment - OFILM has committed to substantial R&D investments, with 758 million yuan allocated in the first half of 2025, representing 7.70% of its revenue, focusing on smartphones, smart vehicles, and new fields [3]. - The company has established a global R&D team with innovation centers in China, the USA, Japan, and South Korea, fostering collaborations with academic institutions and research organizations to drive technological breakthroughs [3]. Group 3: Future Directions - OFILM plans to continue increasing R&D investments, concentrating on cutting-edge technology exploration and application, while enhancing collaborative innovation between industry and academia [3]. - The company aims to generate high-quality proprietary intellectual property to strengthen its core competitiveness and support the high-quality development of the optical and optoelectronic industry [3].

Core Insights - The company has achieved ISO14068-1:2023 certification for carbon neutrality, marking a significant recognition of its green manufacturing practices and providing a replicable model for sustainable development in the industry [1][4]. Group 1: Green Manufacturing Practices - The factory aims to create a "zero-carbon" and "green factory," integrating green principles into every operational aspect [2]. - The factory has installed distributed photovoltaic power stations with a total capacity of 50 megawatts, generating an average of 38 million kilowatt-hours annually, which reduces carbon dioxide emissions by approximately 30,000 tons each year [2]. - The factory employs innovative practices such as the "in-plant" model, bringing core suppliers like CATL directly into the park to facilitate seamless logistics and significantly reduce carbon emissions during transportation [2]. Group 2: Intelligent Manufacturing - The factory integrates nine advanced manufacturing processes, including die-casting, stamping, welding, painting, and assembly, supported by over 3,000 robots achieving 100% automation in key processes [3]. - Digital twin technology creates a virtual production system that synchronizes with the physical factory, enabling intelligent fault warnings, precise production scheduling, and remote operation and maintenance [3]. - An AI visual inspection system monitors the entire production process with high precision, enhancing quality control and energy efficiency [3]. Group 3: Industry Leadership and Sustainable Development - The certification serves as a milestone for the company and sets a benchmark for the automotive industry's green transformation [4]. - The company is initiating a collaborative effort with its supply chain to build a green industrial chain and promote carbon reduction across the entire industry [4]. - By 2025, the company aims to achieve cumulative sales of 472,000 electric vehicles, with its high-end models leading in their respective market segments [4]. Group 4: Future Goals - The company plans to leverage the ISO14068 certification to further deepen its "green + intelligent" manufacturing transformation, aiming for comprehensive carbon neutrality in production operations by 2045 [5]. - The company will continue to play a leading role in the industry, collaborating with global partners to drive technological innovation and promote sustainable future mobility solutions [6].